The global hormone-sensitive advanced prostate cancer treatment market is projected to achieve a valuation of USD 12.44 billion in 2023. According to Future Market Insights, this market is expected to grow at a compound annual growth rate (CAGR) of 7.2% until 2033, reaching approximately USD 24.94 billion.
The anticipated growth of the hormone-sensitive advanced prostate cancer treatment market is attributed to the increasing incidence of prostate cancer globally, coupled with advancements in treatment options. As more patients are diagnosed with hormone-sensitive advanced stages of the disease, the demand for effective and innovative therapies is expected to rise.
This growth trajectory presents significant opportunities for pharmaceutical companies and healthcare providers focused on developing and implementing new treatment strategies that improve patient outcomes. With ongoing research and development efforts aimed at enhancing the efficacy and safety of treatment options, the market is well-positioned for substantial growth in the coming years.
The prostate cancer drugs market in the United States is regulated by the FDA which is responsible for the approval of new drugs and lays down regulations related to the treatment of prostate cancer. This was the first case of FDA-approved treatment for non-metastatic, castration-resistant prostate cancer, and more such approvals are expected to follow in the future. Hence, the regulatory scenario related to prostate cancer drugs will encourage more drug manufacturers to enter the market.
A new treatment is approached for prostate cancer that could stop resistance in its tracks. For the first time, researchers have discovered that prostate cancer can be killed by targeting a single enzyme, called PI5P4Kα.
North America is the largest region in the prostate cancer drugs market in 2022. The Middle East is expected to be the agile growing region in the forecast period. The regions covered in the prostate cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What could be the Key Restraint for the Hormone Sensitive Advanced Prostate Cancer Treatment Market?
Limited Availability of Drugs
Limited commercial availability of drugs and treatments for this cancer is the challenge restraining the growth of the global hormone-sensitive prostate cancer treatment market.
The high cost associated with the treatment will obstruct the growth rate of the market. As per the American Cancer Society, prostate cancer costs on average US$ 4,300 upfront and US$ 9,100 over five years, with surgery costing US$ 15,000 upfront and US$ 19,000 over five years. Hormone therapy with radiation costs US$ 17,500 upfront and US$ 25,000 over five years. Costs for patients with advanced or metastatic prostate cancer might exceed US$ 100,000.
On the other hand, the lack of healthcare infrastructure in developing economies and the dearth of skilled professionals will challenge the hormone-sensitive advanced prostate cancer treatment market. Additionally, lack of awareness among people and unfavorable healthcare policies will act as restraints and further impede the growth rate of the market during the forecast period.
How Competitive Is the Market for Hormone Sensitive Advanced Prostate Cancer Treatment Market?
Some of the prominent players in the global market for Hormone Sensitive Advanced Prostate Cancer Market treatment are
- Novartis Pharmaceuticals
- Merc & Co., Inc.
- Bristol-Myers
- Dendreon Corporation
- GlaxoSmithKline plc.
- Ferring International Center S.A.
- Roche Group
- Celgen Corporation
- Amgen Inc.
- Teva Pharmaceutical Industries Ltd.
Some of the important developments of the key players in the market are
- In March 2022, Novartis AG received USA FDA approval for Pluvicto. It is the first targeted radioligand therapy in prostate cancer, which is a type of targeted cancer treatment that combines a targeting chemical (ligand) with a therapeutic radioisotope (a radioactive particle). Reimagining medication administered via intravenous infusion for the treatment of progressive, PSMA-positive metastatic castration-resistant metastatic prostate cancer by destroying tumor cells
- In June 2021, Bayer acquired Noria and PSMA Therapeutics to fulfill patients’ clinical needs and broaden the metastatic prostate cancer treatment portfolio. Bayer’s oncology portfolio was expanded as a result of this acquisition, which included alpha radionuclide therapy and small molecules targeting Prostate-Specific Membrane Antigen (PSMA).
- In December 2020, Myovant Sciences and Pfizer announced a partnership to develop and commercialize a relugolix combination tablet for advanced metastatic prostate cancer treatment. This groundbreaking partnership considerably enhances ORGOVYX’s (relugolix) launch, as well as the future introduction of relugolix combination tablets, and increases the pipeline of potential new medications.
Key Companies Profiled
- Novartis Pharmaceuticals
- Merc & Co., Inc.
- Bristol-Myers
- Dendreon Corporation
- GlaxoSmithKline plc.
- Ferring International Center S.A.
- Roche Group
- Celgen Corporation
- Amgen Inc.
- Teva Pharmaceutical Industries Ltd.
Key Segments Profiled in the Hormone Sensitive Advanced Prostate Cancer Treatment Market Report
By Treatment:
- Androgen Ablation Therapy
- Chemotherapy
- Targeted Therapy
- Cryotherapy
By End User:
- Hospitals
- Clinics
- Cancer Rehabilitation Centers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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